Daily Forex Analysis - 11 January 2021

USD Overview (11 January 2021)

Last Friday, USD strengthened against most major currencies except AUD.

The U.S. Non-Farm Payroll data released last Friday indicated the first month of job losses in 8 months ever since the recovery of the job market in May while unemployment rate remained the same as in November. Average hourly earnings increased due to the loss of jobs from the lower-wage category, thus bringing the average up.

- Average Hourly Earnings m/m (Actual: 0.8%, Forecast: 0.2%, Previous: 0.3%)

- Non-Farm Employment Change (Actual: -140K, Forecast: 68K, Previous: 336K revised from 245K)

- Unemployment Rate (Actual: 6.7%, Forecast: 6.8%, Previous: 6.7%)

Over the weekend, the U.S. House of Representative speaker Nancy Pelosi announced that the House will be voting to push Vice President Mike Pence to invoke the 25th Amendment to remove President Trump from office.

NZD/USD Outlook (11 January 2021)

Overall, NZD/USD is trending upwards. Recently, NZD/USD trended into the support zone of 0.72000.

Currently, NZD/USD is testing the support zone of 0.72000 and the next resistance zone is at 0.73700.

Look for short-term buying opportunities of NZD/USD if it breaks the support zone of 0.72000.

AUD/USD Outlook (11 January 2021)

Overall, AUD/USD is trending upwards. Recently, AUD/USD bounced down from the key level of 0.78.

The Australian Retail Sales m/m data (Actual: 7.1%, Forecast: NA, Previous: 7.0%) released earlier today indicated a slight increase in consumer spending in November.

Currently, AUD/USD is testing the support zone of 0.76800 and the next resistance zone is at 0.79100.

Look for short-term selling opportunities of AUD/USD if it breaks the support zone of 0.76800.

USD/JPY Outlook (11 January 2021)

Overall, USD/JPY is ranging across. Recently, USD/JPY trended higher and broke above the key level of 104.

Japanese banks will be closed today in observance of Coming-of-Age Day. Expect lower volatility and trading volume during the Japanese market session.

USD/JPYs next support zone is at 103.000 and the next resistance zone of 104.600.

Look for buying opportunities of USD/JPY.

EUR/USD Outlook (11 January 2021)

Overall, EUR/USD is ranging across. Recently, EUR/USD broke below the key level of 1.22.

The eurozone unemployment rate data (Actual: 8.3%, Forecast: 8.5%, Previous: 8.4%) released last Friday indicated a slight decline in unemployment as opposed to the forecast of a slight increase.

European Central Bank President Lagarde will be moderating an online panel discussion later at 2240 (SGT). During this time, there may be volatility in EUR.

Currently, EUR/USD is testing the support zone is at 1.21800 and the next resistance zone is at 1.24800.

Look for selling opportunities of EUR/USD if it breaks the support zone of 1.21800.

GBP/USD Outlook (11 January 2021)

Overall, GBP/USD is trending upwards. Recently, GBP/USD bounced down from the key level of 1.36.

Currently, GBP/USD is testing the support zone of 1.34800 and the next resistance zone is at 1.37800.

Look for selling opportunities of GBP/USD if it breaks the support zone of 1.34800.

USD/CAD Outlook (11 January 2021)

Overall, USD/CAD is ranging across. Recently, USD/CAD broke above the key level of 1.27.

The Canadian employment data released last Friday indicated a big loss in jobs in December, breaking the 7 months streak of jobs growth while unemployment rate inched slightly higher.

- Employment Change (Actual: -62.6K, Forecast: -32.5K, Previous: 62.1K)

- Unemployment Rate (Actual: 8.6%, Forecast: 8.7%, Previous: 8.5%)

USD/CADs next support zone is at 1.25720 and the next resistance zone is at 1.27900.

Look for short-term buying opportunities of USD/CAD.

GBP/JPY Outlook (11 January 2021)

Overall, GBP/JPY is ranging across. Recently, GBP/JPY failed to sustain above the key level of 141 and fall back down.

Japanese banks will be closed today in observance of Coming-of-Age Day. Expect lower volatility and trading volume during the Japanese market session.

GBP/JPYs next support zone is at 140.000 and the next resistance zone is at 142.200.

Look for short-term selling opportunities of GBP/JPY.

EUR/JPY Outlook (11 January 2021)

Overall, EUR/JPY is ranging across. Recently, EUR/JPY broke below the key level of 127.

Japanese banks will be closed today in observance of Coming-of-Age Day. Expect lower volatility and trading volume during the Japanese market session.

The eurozone unemployment rate data (Actual: 8.3%, Forecast: 8.5%, Previous: 8.4%) released last Friday indicated a slight decline in unemployment as opposed to the forecast of a slight increase.

European Central Bank President Lagarde will be moderating an online panel discussion later at 2240 (SGT). During this time, there may be volatility in EUR.

Currently, EUR/JPY is testing the support zone of 126.800 and the next resistance zone is at 129.500.

Look for selling opportunities of EUR/JPY if it breaks the support zone of 126.800.